RedBall Acquisition Corp. announced the pricing of its $500 million IPO tonight and units are expected to begin trading under the ticker RBAC.U on the NYSE tomorrow, August 13th.
Sporting a deep roster of talented managers, RedBall aims to find a candidate to create the rare publicly-listed sports franchise in the next 24 months. The team is headlined by Billy Beane – the former Oakland A’s general manager and executive who pioneered “Moneyball” techniques of leveraging performance analytics to generate the best ROI on player acquisitions.
Co-chairing the Board with Beane is Gerald Cardinale, who leads RedBird Capital Partners, and has a long list of wins on his resume including helping to create the Yankees Entertainment & Sports (YES) Network. Alec Scheiner, a former Dallas Cowboys and Cleveland Browns executive, serves as Redball’s CEO.
Total SPAC deal count for 2020 year-to-date is now 67 with $26.56 billion in gross proceeds raised. The offering is anticipated to close on Monday, August 10, 2020.
Goldman Sachs & Co. LLC is acting as the sole book-running manager for the offering. Fried, Frank, Harris, Shriver & Jacobson LLP and White & Case LLP, were Issuer’s Counsel and Underwriter’s Counsel, respectively. WithumSmith+Brown, PC, acted as auditor. Continental Stock Transfer & Trust Company is acting as trustee.
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Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
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